The average price of 900 litres of home heating oil has fallen below £500 for the first time in 16 months, new analysis from the Consumer Council for Northern Ireland suggests.
The weekly survey of the north’s kerosene market revealed prices are continuing to fall in the second half of October.
It followed a sharp rise in prices at the start of the month in response to disruption concerns in the international wholesale market.
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The Consumer Council’s latest research concluded the average price of 900 litres dropped by around £35 in the past week to £497.97, while the average order of 500 litres slipped to £284.89, down from £302.89.
It’s the first time that the average price of 900 litres has fallen below £500 since June 2023.
The average price of 500 litres of home heating oil in #NorthernIreland is down this week to £284.89.
— Consumer Council for Northern Ireland (@ConsumerCouncil) October 24, 2024
View this week’s average prices for 300, 500 and 900 litres in your area in our home heating oil price checker tool - https://t.co/qa5CgpXdtr pic.twitter.com/Oczm3NgBAL
Some commercial price comparison websites suggest prices have fallen even further since the latest consumer survey.
One website identified five oil suppliers in the north quoting less than £460 for 900 litres, with the majority of the firms listed quoting below £285 for 500 litres.
More than a dozen suppliers were quoting less than £270 on Thursday morning.
However, a separate Consumer Council survey of fuel forecourts around the north suggests the price of petrol and diesel is beginning to climb as the winter months close in.
The average price of diesel crept up to 133.8p per litre in the past week, up from 132.7p, while the petrol average rose from 129.5p to 130.2p per litre.
